Ethereum News

What is Ethereum?

Ethereum is an open software platform based on blockchain technology that allows developers to create and deploy decentralized applications.

Ethereum is similar to Bitcoin? Well, kind of, but not really.

Like Bitcoin, Ethereum is a network of distributed public blocks. Although there are some significant technical differences between the two, the most important distinction to note is that Bitcoin and Ethereum differ substantially in purpose and capacity. Bitcoin offers a particular application of blockchain technology, a point-to-point ATM system that allows Bitcoin online payments. While bitcoin blockchain is used to track the ownership of digital currency (bitcoins), the Ethereum blockchain focuses on the programming code of any decentralized application.

In the Ethereum block chain, instead of mining by bitcoin, miners work to gain Ether, a type of encryption token that feeds the network. In addition to marketable encryption, Ether is also used by application developers to pay transaction fees and services on the Ethereum network.